The Crisis: Basic Mechanisms and Appropriate Policies

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International Monetary Fund, Jan 1, 2009 - Business & Economics - 22 pages
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It is much too early to give a definitive assessment of the crisis, not least because it is far from over. It is not too early however to look for the basic mechanisms that have taken us where we are today, and to think about the policies we need to implement, now and later. This is what I shall try to do in this lecture. Take it for what it is, a first pass in the midst of the action.3

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About the author (2009)

Olivier Blanchard is Economic Counselor and Director of the Research Department at the International Monetary Fund. He is the author of "Macroeconomics", among other books, and coauthor of "Lectures on Macroeconomics "(MIT Press). David Romer is Herman Royer Professor of Political Economy at the University of California, Berkeley, and author of "Advanced Macroeconomics". Michael Spence, co-recipient of the 2001 Nobel Prize in Economics, is Professor Emeritus of Management at Stanford University's Graduate School of Business and Professor of Economics at New York University's Stern School of Business. He served as Chairman of the Commission on Growth and Development from 2006 to 2010 (the life of the commission). He is the author of "The Next Convergence: The Future of Economic Growth in a Multispeed World". Joseph Stiglitz, co-recipient of the 2001 Nobel Prize in Economics, is University Professor at Columbia University. He served as Chairman of the U.S. Council of Economic Advisers in the Clinton administration, and from 1997 to 2000 as World Bank Chief Economist and Senior Vice President in Development Economics. He is the author of "Freefall: Free Markets and the Sinking of the World Economy, Globalization and Its Discontents", and other books.

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